Oil prices continued to trade under pressure on Thursday as they slipped near USD 70 mark for the first time since US-Iran conflict began on February 28, 2026. Brent oil’s price is hovering near the USD 70 mark amid ongoing market moves and geopolitical updates. U.S. West Texas Intermediate crude traded at USD 69.50, down USD 0.84 or 1.19 per cent. Brent crude traded at USD 72.77, lower by USD 0.97 or 1.32 per cent.
Commenting on the move, U.S. President Donald Trump said, “Oil just broke the USD 70 number,” linking the price decline to developments involving Iran. He added, “Iran is agreeing to everything I want,” and warned that “Iran has to agree, otherwise we’d just go back and do what we have to do.”
Trump also said Iran had informed the U.S. that there would be no tolls in the Strait of Hormuz and mentioned that some Iranian funds would be released. He added that the strait is now fully open under a recent agreement and claimed Iran is making “very big concessions.” In further remarks, Trump said oil prices are “plummeting” and could soon lead to gasoline prices falling to around USD 2.5 per gallon.
Back home, oil explorers remain under pressure as crude prices slip. Stocks such as ONGC, Oil India, Vedanta and HOEC are likely to see a negative impact, as lower crude prices reduce realizations and profitability. A USD 5 per barrel fall in crude can lead to a 7–12 per cent decline in earnings per share for companies like ONGC and Oil India.
In contrast, oil marketing companies stand to benefit from the fall in crude prices. HPCL, BPCL and IOCL may see improved margins as input costs decline. Every Rs 0.5 per litre change in fuel margins can impact EBITDA by around 7–11 per cent, supporting earnings when crude prices move lower.
Oil Price History
Oil prices have remained highly volatile, with concerns mounting over potential supply disruptions at the Strait of Hormuz, a critical maritime chokepoint that handles nearly 20 per cent of global oil flows, heightening inflation risks for economies worldwide.
Earlier on April 30, Brent climbed near a multi-year high of USD 126 a barrel, gaining nearly 7 percent intraday, extending the momentum built on the back of a strong surge earlier. Before, on March 9, Brent crude surged over 27 per cent to trade at a multi-year high of USD 119 a barrel amid escalating West Asia tensions.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)
